PharmAkea Raises $45M For Small Molecule Drugs

San Diego-based biopharmaceuticals developer PharmAkea Therapeutics has raised $45M in funding for development of its small molecule drugs, aimed at trating cancer and fibrotic diseases. The funding included $35M from Celgene Corporation in a strategic alliance deal, plus $10M in a Series A funding from Bay City Capital. As part of the deal, Celgene said it has retained an exclusive option to acquire the company. PharmAkea was originally seeded by Celgene. The company's founders originally came from Amira Pharmaceuticals. More information »